Great expectations

5 April 2007 By Nicole Lee

The UK bank is said to be asking 18 times 2006 earnings for this mature and lowmargin business. Antitrust considerations may keep large trade buyers away. This auction is a good test of just how keen asset buyers are.

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A clutch of private equitybacked firms are reportedly bidding for UK bank Lloyds TSB's share registration business, which is valued at as much as £600m.

These include Link Market Services, an Australian share registration services company backed by buyout firms Pacific Equity Partners and Bain Capital, and American Stock Transfer, which is backed by buyout firm Silver Lake. Other private equity firms, such as USbased Advent International and European firm Doughty Hanson are also in the running, according to Reuters.

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